It’s a decision that set the vegetable oil market on fire. Two weeks ago, the world’s largest producer of palm oil suspended all exports. Indonesia has been facing soaring prices on its domestic market for several months, recalls , and has decided to ban them until prices come down from 20,000 rupees (1.31 euro per litre) to 14,000 rupees (0.91 euro). A hard blow for many industries in the world that use this palm oil, starting with Europe, which imports nearly 50%.
One of the manufacturers most affected by this palm oil is none other than the Ferrero group, which uses it in the famous Nutella. Its spread contains nearly 20%, deciphers, what to worry about a possible shortage? Not so sure when you know that Ferrero only imports 20% from Indonesia and 80% from Malaysia. On the other hand, are there other shortages to be feared? No, according to the consultant at Agritel, Arthur Poirier. “The strategy of the Indonesian government has been to relax the price market locally, so there is no reason for this to continue,” he said.